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Note L - Recently Issued or Adopted Accounting Pronouncements
 6 Months Ended
Jun. 29, 2025
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE L – RECENTLY ISSUED OR ADOPTED ACCOUNTING PRONOUNCEMENTS

 

The Company assesses the impacts of adopting recently issued accounting standards by the Financial Accounting Standards Board on the Company's financial statements, and updates previous assessments, as necessary, from the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 30, 2025. 

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a company’s effective tax rate reconciliation and provision for income taxes, as well as information on income taxes paid. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024. As this update relates to disclosures only, the Company does not expect ASU 2023-09 will have an impact on its consolidated results of operations and financial condition.